Independence Group (IGO) has partnered with Encounter Resources in advancing the latter’s Yeneena copper-cobalt project in the Paterson province in Western Australia.
IGO, in becoming Encounter’s major shareholder, has subscribed for 24 million Encounter shares to raise $1.8 million. Eighty per cent of this will be dedicated to 3D copper target definition and testing at Yeneena.
Encounter managing director Will Robinson said, “IGO is a highly successful exploration and mining company. Their support for Encounter is confirmation of the quality of Encounter’s exploration team, strategy and portfolio of projects.
“The Paterson province is a prime location for copper-cobalt discoveries in Australia. Recent activity by a number of major mining houses highlights and validates the enormous potential of the region. We are delighted to be working alongside the highly respected IGO team to advance large scale copper-cobalt opportunities along this 70 kilometre long corridor.”
Exploration activities at Yeneena will be designed by a technical committee that is equally represented by IGO and Encounter.
IGO also has the right to obtain a 70 per cent stake in Yeneena by spending $15 million on Yeneena before March 2020.
This option will cover a 1250km square tenure and include a 14 kilometre long copper-cobalt trend in the proterozoic Paterson province.